Capitec Bank has Global One, African Bank has MyWORLD. However, African Bank’s MyWORLD is made to share banking with your Friends and Family. MyWorld’s best feature is enjoying SA’s lowest banking fees.
MyWORLD enables you to create up to 5 unique pocket accounts, with this account you can share with friends and family. When you open a MyWorld account you are the Primary Account Holder, and you are in control of your account with a minimum account balance of R0.00.
[ht_message mstyle=”success” title=”” show_icon=”” id=”” class=”” style=”” ]You will get a one Power Pocket, One Savings Pocket and you can link up to five Pockets to your account.[/ht_message]
What is the difference between Power Pocket and Savings Pocket?
Power Pocket – This is simply a separate account linked to your Primary Account, as an Account Holder. You can have a separate card linked to a Power Pocket Account. This type of Pocket has its own unique account number (Share with Friends and family) – You have the power to add a Pocket User using the Power Pocket Card. You can add up to 10 Members to view the account and most of all, you are in control and thus you decide who can use and how they can use the Power Pocket. The interest rate is 5.5%.
Savings Pocket – The Savings Pocket also has a unique account number, you can save up to 6.5% per annum in interest rates, you have immediate access to your funds, and however, no card can be linked to a savings pocket. You can also add up to 10 members to view the account.
The MyWorld quoted interest rated are NACM (nominal annual compounded monthly) rates. As a pocket user (added to the Power Pocket by the person who opened a MyWorld Account – Primary Account Holder) you can make payments using the account, make transfers, deposit money have your own online banking account, and make withdrawals.
You can free transactions when you POS Swipe, or when you run out of Data, airtime, or perhaps your electricity, you can make a purchase at no extra cost. When you make transfers within your accounts it’s free. It is also free when you make electronic deposit and payments and checking your balances online.
It will cost less when you make cash withdrawals or make deposits as well as ATM balance inquiry and there are no monthly fees. You can do all your banking online across every platform. Your MyWorld account will be linked to Internet Banking, African Bank App or Cellphone banking (*120*225#), and all your accounts with just one online banking profile.
Call African Bank on 0861 123 456 and remember that, with African Bank Online banking is free to use for Telkom, Vodacom, MTN and Cell C SA networks.
Switching your salary to MyWorld (African Bank)
Should you be interested in opening an account with African Bank’s MyWORLD and make a switch, it is very simple, and you can open your MyWorld account in easy steps if you don’t have one.
Make a switch today and earn an interest of 5.5% on the positive balance of your MyWORLD account or Power Pocket Accounts.
To make a switch, log in to your account, under ‘bank’ menu select Get account details then:
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- Get account details of your chosen account
- Email account details to your employer (Make a request to have your salary deposited into your MyWorld account)
- OR download your account details and have your payroll department deposit your salary into your MyWORLD account
…and you are good to go.